How Bear market ruined my financial plans for the year
Hello Hive.
Earning in crypto is good and perfect only if we take out gains and utilize them almost immediately rather than just investing, watching our money grow without taking any step and hoping that our portfolio remains exactly the same over time.
It became one funny routine to wake up each day and look into our wallets to see how much our assets have grown.
Forgetting that crypto has two seasons, the bear and bull market, during a bull market, our wallets are often very fats and somehow we are satisfied by the outcome of what we see...
But then the bear market comes along and your million dollar wallets becomes barely a few hundred of dollars.
Same quantity of tokens with very little value
During these days top much anxiety and emotional instability concerning your token worth's makes it difficult for anyone to open their wallets.
This very same scenario happened to me, maybe it wasn't the bears that ruined my financial plans for the year.
It was my very own mistakes.
I didn't take out anygain or sell tokens during the bull market, instead I bought more and decided to hold thinking that prices may never go down beyond what I had bought them.
The regular routine then was going into my portfolio everyday and smiling like a fool at my finances and its total worth, this is very typical of every newbie.
And I was barely two weeks in the blockchain and yet to understand what Crypto was all about or if there was something called a bull or bear market.
Now am I have spend two solid years on hive and now 6th month in Leofinance community where I have learnt and am constantly be taught and informed appropriately about crypto markets and finances.
My financial plans for the year of either earning my first million, 🤓 extracting them from crypto into my fiat account balance is totally ruined.
And I barely have some fiat to live by the days.
Some lessons have been learnt, but in a very hard way.
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My friend really understands this from your many years of experience, but I only heard it for the first time.
Oh wow... You can learn more when you stay around and read more peoples content for a while
Crazy tough time Monica, I really need a lot more HBD to survive times like this.
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That's true dear, I just hope that this times do not last too long to wear us out.
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I think literally everyone does this mistake first. It's a multi year learning curve. I got half right when I sold at the top only to reinvest at high levels (I should have waited). Patience is key here. I think you are on a good track for the next cycle :) Now is great for accumulation (one also earns more Hive than when price is higher)
Oh, its good to hear your own side of the story too, I feel encouraged.. At least the knowledge gained can be put to better use next time.
I hope the curve takes a good move so that you can recover all that you havr bought at those higher level.
We have learnt some good thing about cryptos kind of patience.
Thank you for this.
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@tipu curate
Upvoted 👌 (Mana: 39/49) Liquid rewards.
Sometimes, we learn better through the hard way.
Exactly... Its tough but I have improved and am grateful for that knowledge.
Thank you.
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It happens to all of us when we first get into crypto. But I might be the unlucky enough person to have to repeat the same mistake several times.
When LUNA and FTX got into trouble, I didn't take any action even though I had several crypto coins in several wallets. I thought the decrease in value was not that bad, but apparently my guess was wrong. As a result, the value of the coin that I held fell quite deeply.
But what I really regret when FTX got into trouble. Because at that time I powered down some of my HP and hoped that HIVE would be pumped by Korean investors (like in the previous months). Even though the price of HIVE and most cryptocurrencies started to show a decline, but again I did not take any action to convert it into Stablecoin
Wow, that is quite sad. Its truly odd to repeat the same mistake but I do hope that you will recover what you have lost from that FTX from other token and in other places..
My very best wishes and thanks for stopping by.
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